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Week in Review: 28 October - 1 November 2024

Financial Markets

For the week, the main stock market indices were down, with the S&P500 losing 1.4% and the NASDAQ 100 1.6% in the red. The small cap index (Russel 2000) was unchanged.

Precious metals remain strong but are stalling a bit. Gold and silver fell 0.4% and 3.7%, respectively. Recently, silver broke above 32$ and is now re-testing this level, which must be defended, otherwise we may become bearish.

WTI is still around the 69$ level, which is short-term support. Oil will likely trade sideways in the near future.

Bitcoin spiked during the week, but ended only 2.3% above the previous week. It remains close to the upper range of the channel it has been trading in since March 2024. In our opinion, bitcoin is not going above this level easily.

The relative strength of the US dollar (DXY) was unchanged. The EUR/USD is around 1.08$, while the USD/JPY is at 153 JPY.

US M2 money supply at the date of 30th September 2024 was up by 0.38%.

The national financial conditions index (NFCI) for the week of 21st October 2024 tightened by 0.24% and doesn't translate considerable signs of financial stress in the markets. However, this could be a change in trend and is aligned with the decline that we saw in the stock markets this week.

US bond yields went up this week, sitting at 4.212% for the 2-year and 4.386% for the 10-year.

The VIX went up again, getting closer to the 22 level. The perception of risk is moderate, but increasing.


Comment Section

Finally, the so-awaited US election is coming next week. Until the results are out, we expect low volume in the markets. Then, be prepared for volatility.

Take care, and good luck.


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